Traders have been bearish on Bitcoin (
$76,276.00 ) lately, and that has brought about a big liquidation over the past few days. According to data from CryptoQuant, $229 million of short positions were liquidated in the perpetual futures market after Bitcoin ( $76,276.00 ) hit just below $44,000. Additionally, CryptoQuant found that the aggregated funding rate is negative. What does this mean? Most traders are betting on lower prices. Other tokens have also seen big liquidations with $37 million in Ethereum (
$2,255.17 ) liquidated, $5.7 million of Shiba Inu, and $1.81 million of Dogecoin (
$0.106 ) shorts. This countertrend rally, however, may not be an indication that the token is recovering fully. It could be responding to the liquidations of these short positions. At press time, Bitcoin ( $76,276.00 ) was trading at just over $43,500, up nearly 2% on a slight uptick in its market cap along with an increase of more than 50% in trading volume.
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